Can You Have An HSA And FSA At The Same Time?

Can you have an HSA and FSA at the same time? Both HSAs and FSAs are similar in that they help you make qualified health purchases using tax-free funds. But with limited exceptions, you can't have both. This means if you want to take advantage of your employer's flexible spending account, you may not be able to contribute to your HSA.

Why cant I have an HSA and FSA at the same time?

Generally speaking, you are forbidden from contributing to a standard FSA and an HSA at the same time. Because both of these plans result in tax savings, the U.S. government is concerned that some people could take advantage of both plans to increase their tax savings over what is otherwise allowed.

Do I need FSA if I have HSA?

If you qualify for an HSA, you cannot elect to set up both an HSA and an FSA, unless the FSA is a “limited purpose” FSA. Your employer's HR representative will be able to tell you if this is the case. A limited purpose FSA works like a regular FSA but can be used only for vision care and dental expenses.

What happens to my FSA if I quit my job?

Money left unused in your FSA goes to your employer after you quit or lose your job unless you are eligible for and choose COBRA continuation coverage of your FSA.

Can I use my FSA for my girlfriend?

Sorry, your domestic partner's medical expenses cannot be reimbursed under your Healthcare FSA, according to current IRS Regulations. You must be legally married to use your Healthcare FSA to pay for your spouse's eligible healthcare expenses.

Related investments for Can You Have An HSA And FSA At The Same Time?

Can I pay for a doula with my HSA?

People are often surprised to hear that you can pay for birth doula care using your Health Savings Account (HSA) or your Flexible Spending Account (FSA). In fact, under the IRS regulations, you can pay for 100% of a doula's fee out of your HSA or FSA account!

Can you use FSA for labor and delivery?

Pregnancy services such as birth classes and medically-certified doulas are also eligible. You can also use your FSA funds on birth control, but keep in mind that you'll need a current prescription.

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